Volvo is becoming a Chinese car company. Ford announced that it sold the Swedish car brand that it bought 11 years ago. Chinese conglomerate, Zhejiang Geely, is paying a third of what Ford originally paid for Volvo. Keith Bradsher, New York Times Hong Kong bureau chief, explains more about the buyer, the price and the future of Volvo.

UPDATE: On air (although not in the printed article), Bradsher said that Saab assets had been sold to Chinese car manufacturers and the rest of the company was being shut down. In fact, GM originally agreed to sell old Saab tooling to Beijing Automotive, but after starting to shut down Saab's ongoing operations, GM reversed itself and sold the company to Dutch car maker Spyker earlier this year.

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Comments [2]

Lars Widstrand
from Lunenburg, MA

OK, Keith needs to do some more research before he speaks. There has been plenty of media coverage on the sale of Saab. Saab is sold to Spyker in the Netherlands and very much alive! This is bad journalism that casts a shadow over Keith Bradsher for sloppiness, as well as the NYT which he works for.